The Department of Finance (DOF) expressed confidence that dividend collections from government-owned and -controlled corporations (GOCCs) will exceed PHP100 billion this year, following strong early remittances.
As of May 15, GOCCs have already remitted over PHP76 billion in dividends, according to the DOF. The contributions came from around 50 GOCCs, with 10 of them remitting at least PHP1 billion each.
The top contributors include Land Bank of the Philippines (PHP26 billion), Philippine Amusement and Gaming Corporation (PHP12.6 billion), Philippine Deposit Insurance Corporation (PHP10.13 billion), and Philippine Ports Authority (PHP5.20 billion). Other billion-peso contributors include Manila International Airport Authority, Philippine National Oil Company, Bases Conversion and Development Authority, Philippine Charity Sweepstakes Office, Subic Bay Metropolitan Authority, and Maharlika Investment Corporation.
GOCC dividends serve as a significant source of non-tax revenue, supporting President Ferdinand R. Marcos Jr.’s priority programs without imposing new taxes. In 2024, GOCCs remitted over PHP138 billion in dividends.
“I thank our hardworking GOCCs for their continued support to the national government and for heeding the President’s call for an all-inclusive, whole-of-government approach in realizing the government’s development plans that will benefit every Filipino,” said Finance Secretary Ralph Recto.
“These non-tax revenues allow us to support the government’s expenditure program for the year, enabling the DOF to stay on track with its fiscal program and mobilize funds for our priority programs and projects,” he added.
Recto emphasized that the increase in dividends reflects improved governance and fiscal discipline among GOCCs.
“This shows that our GOCCs are continuously operating efficiently and generating substantial profits, enabling them to contribute more to the National Treasury,” he said.
Under Republic Act 7656, GOCCs must remit at least 50% of their net earnings as dividends. To further boost non-tax revenue, the DOF has urged GOCCs to increase their remittance share to 75%.